Union Bank made impressive performance in 2006

Senya Beraku (C/R), Aug. 19, GNA-The Union Rural Bank at Senya Beraku made a pre tax profit of 890 million cedis in 2006 as against 722 million cedis in 2005.

Mr. Kwasi Essel Koomson, chairman of Board of Directors of the Bank said this at the fifth Annual General Meeting (AGM) of the bank at Senya Beraku on Saturday.

He said the bank total deposit increased from 12.3 billion cedis in 2005 to 17 billion cedis in 2006, and increase of 38 percent, while its total assets also rose from 14.4 billion cedis in 2005 to 21 billion cedis in 2006, an increase of 46 percent. Mr. Koomson said total advances made by the bank moved from 7.1 billion cedis in 2005 to 11.1 billion cedis during the year under review, an increase of 56 percent. Investment made by the bank increased from 3.4 billion cedis in 2005 to 4.4 billion cedis in 2006, he said. In an address read for him, the Managing Director of the ARB Apex Bank, Mr. Emmanuel Kwapong described the general performance of the Union Bank as impressive and urged management and staff of the bank to keep up that spirit.

He said the ARB Apex Bank Limited has put in place innovative measures to ensure that the activities of fraud syndicate in Rural Banks in the country is nipped in the bud. "Some members of the fraud syndicate either collaborated with some members of staff of the banks or their non-observance of laid down procedures and internal controls facilitated their dubious activities". He said Rural Banks needed an efficient and effective management to harness the resources in their environment. Persons appointed to serve on the boards of rural banks and in management positions must, therefore, have the requisite academic and moral background to meet the challengers peculiar to the banking industry.